9.16 Will Bitcoin continue to rise? Let's see what happens today!
Bitcoin broke through the key position of 58,500 on Friday night, and then the price rose rapidly. The highest price reached 60,600, and then the price briefly returned to above 60,000 in the two days of the weekend.
But in the early morning of today, the market fluctuations began again. The price did not continue the rising trend at the end of last week's working day, but started to smash the market and returned to around 58,500, which is to say, it returned to the place where it did not break through last week.
So the price of this rising trend once returned to above 60,000 actually happened at a time on the weekend. It happened on the weekend. The price was at a relatively high position for the whole two days of the weekend, but the price started to fall on Monday.
Then we continue to look at the market at the four-hour level. It can be found that the highest point of this wave of breakthrough on the weekend was actually resisted, but this resistance is also around 61,000. The price difference of 61,000 is still a few hundred points.
Then the overall upward rebound trend of the market at this time is more like an upward channel. As shown in the above figure, the upward channel is a bearish pattern. At present, the callback in the early morning is still relatively fast. So I think what we need to pay attention to next is whether the price can still support the callback to the bottom of the upward channel today.
If the price can go in the channel for another one or two days, it means that the bulls are still trying to break through the key resistance of 61,000 above. As long as it is still at a high level, the price may break through this resistance at any time. That is to say, the best situation for the bulls at present is to oscillate at a high level, at least above 58,000, and will not fall below 58,000. This is the best situation for the bulls!
But if the price falls below this upward channel, then this bearish pattern will be triggered, and the rebound of this wave of prices to 61,000 is also declared over, and it is likely to start a downward trend.
